Mississippi to receive mortgage fraud relief

On behalf of The Rollins Law Firm posted in Foreclosure on Wednesday, February 27, 2013.

Mississippi, like the rest of the United States, has recently suffered from high foreclosure rates that have seen large numbers of homeowners lose their homes. During the height of the foreclosure crisis, many home losses throughout the country were due to robo-signed documents, which have since been determined to be fraudulent. For those in the Jackson area who have lost their homes due to foreclosure, some financial relief may be at hand as a nationwide settlement with several large banks is providing funds for the state.

As a result of the settlement, homeowners in Mississippi will share in $13.1 million. Much of this money will go toward direct relief efforts that include loan modifications. A further $8.4 million will go to those who have already been foreclosed on, and $11.2 million will be used to fund a refinancing program. The state itself will receive $14.2 million for its general fund.

According to the state's Attorney General, there had actually been no issues with the fraudulent robo-signing within the state, because the state uses judicial foreclosure, protecting consumers. The ways in which the funds are to be split were defined by the settlement agreement and not by the state of Mississippi itself. Those holding mortgages from Freddie Mac or Fannie Mae will not be able to receive any of the relief funds.

For those who cannot receive relief from the allocated funds, there are still options available to stop foreclosures. Those options include the right of homeowners to file for bankruptcy to try to stop the foreclosure process. Depending on the bankruptcy type filed for, a homeowner can then use the bankruptcy process time to rearrange expenses to meet mortgage payment demands, or attempt to have the mortgage dismissed in court. If you feel that you would like to explore these alternatives or need assistance with your foreclosure, please contact a bankruptcy attorney. They will be able to further assist you in determining which legal options available to you are best for your situation.

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Ridgeland Office

774 Avery Blvd N #B

Ridgeland, MS39157

Phone: 601-500-5533Fax: 601-500-5296

Hattiesburg Office

307 W Pine St

Hattiesburg, MS39401

Phone: 601-500-5533Fax: 601-500-5296

Vicksburg Office

913 Crawford St

Vicksburg, MS39180

Phone: 601-500-5533Fax: 601-500-5296

Meridian Office

2121 5th St #304G

Meridian, MS39301

Phone: 601-500-5533Fax: 601-500-5296

Gulfport Office

1323 28th Ave

Gulfport, MS39501

Phone: 228-241-1066Fax: 601-500-5296

Jackson Office

736 S President St #201

Jackson, MS39201

Phone: 601-500-5533Fax: 601-500-5296

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We serve clients throughout Mississippi including those in the following localities: Madison County including Canton, Madison, and Ridgeland; Forrest County including Hattiesburg and Petal; Warren County including Vicksburg; Lauderdale County including Meridian; Harrison County including Biloxi, Gulfport, Long Beach, Pass Christian, and Saucier; Hinds County including Clinton and Jackson; Jackson County including Moss Point, Ocean Springs, and Pascagoula; and Rankin County including Brandon, Florence, and Pearl.